Accounting - Study Mode
[#2266] X Ltd. forfeited 20 shares of Rs. 10 each (Rs. 8 called up) on which John had paid application and allotment money of Rs. 5 per share. Of these, 15 shares were reissued to Parker as fully paid up for Rs. 6 per share. What is the balance in the share forfeiture account after the relevant amount is transferred to the capital reserve account?
Correct Answer
(C) Rs. 25
[#2267] Call option is:
Correct Answer
(A) a contract to buy a certain number of shares at a stated price within a specified period of time
[#2268] In a partnership business if there is no specific agreement among partners, profit is distributed in the:
Correct Answer
(D) equal ratio
[#2269] Assets in the balance sheet are shown at cost less depreciation rather than their replacement cost because of the accounting convention . . . . . . . .
Correct Answer
(A) going concern
[#2270] Following data appear in the books of XY & Co. as on 31 st March 2003 Capital account = Rs. 13,00,000 Drawings account = Rs. 12,000 Land & building account = Rs. 10,00,000 Goodwill account = Rs. 3,50,000 Suspense account (Dr) = Rs. 50,000 Loss by theft account = Rs. 20,000 Business loss = Rs. 50,000 Loan given to AB & Co = Rs. 60,000 What will be the amount of sundry creditors?
Correct Answer
(D) Rs. 2,42,000